What is a loan-to-value ratio on a mortgage?
When a home buyer enters into an 80/20 mortgage loan, he is required to make two monthly mortgage payments. Those who already have 20 percent to put down on a mortgage might not find an 80/20 loan advantageous. Typically an 80/20 loan works out best for those who do not have 20 percent to put down on a loan and would be required to pay private mortgage insurance. This insurance is required by lenders so they can recoup the loss for any homeowners who default on their payments.
Can you get a mortgage loan after declaring bankruptcy?
Banks and mortgage lenders do offer financing for consumers who declared bankruptcy at some point in the
past, according to Mortgage101.com. Typically, banks require that consumers wait four years after filing for bankruptcy.
What is a jumbo mortgage loan?
A jumbo mortgage is any home loan that exceeds the current conforming financing limits set forth by Fannie Mae or Freddie Mac, according to Bankrate. The current conforming loan amount across most of the United States is $417,000 as of 2015, explains Fannie Mae.
What are the HomePath loan requirements for a mortgage?
Loan requirements for a HomePath mortgage include income verification through tax returns and W-2s, credit scores through official credit reports, and asset verification through bank statements, according to TheMortgageReports.com. Mortgages through the organization are discontinued as of Oct. 7, 2014, according to HomePath.com.
How do you get a mortgage loan?